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Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Summarized Financial Information by Segment

Summarized financial information by segment is as follows (dollars in millions):

Three Months Ended March 31, 2025			Advisory  Services						Building Operations & Experience						Project Management						Real Estate Investments						Corporate, other and eliminations (2)						Consolidated
Net revenue			$	1,682					$	2,427					$	774					$	233					$	(4)					$	5,112
Pass-through costs also recognized as revenue			12						2,928						858						—						—						3,798
Total revenue			1,694						5,355						1,632						233						(4)						8,910
Cost of revenue			967						4,847						1,408						47						(4)						7,265
Operating expenses and allocations			428						296						119						166						183						1,192
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries			1						1						—						(7)						21						16
Other income (loss)			1						1						—						—						(1)						1
Other segment adjustments (1)			—						3						8						12						67						90
Segment operating profit (loss)			$	301					$	217					$	113					$	25					$	(96)					$	560

Three Months Ended March 31, 2024			Advisory  Services						Building Operations & Experience						Project Management						Real Estate Investments						Corporate, other and eliminations (2)						Consolidated
Net revenue			$	1,480					$	2,017					$	725					$	228					$	(6)					$	4,444
Pass-through costs also recognized as revenue			14						2,683						794						—						—						3,491
Total revenue			1,494						4,700						1,519						228						(6)						7,935
Cost of revenue			848						4,269						1,310						43						5						6,475
Operating expenses and allocations			416						290						88						189						128						1,111
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries			1						1						—						11						(71)						(58)
Other income			1						1						2						—						5						9
Gain on disposition of real estate			—						—						—						13						—						13
Other segment adjustments (1)			—						18						(22)						14						30						40
Segment operating profit (loss)			$	232					$	161					$	101					$	34					$	(175)					$	353

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(1)Other segment adjustments, as defined above.

(2)Eliminations represent revenue from transactions between operating segments.

			Three Months Ended March 31,
			2025						2024
Depreciation and Amortization
Advisory Services			$	67					$	65
Building Operations & Experience			70						46
Project Management			25						29
Real Estate Investments			3						3
Corporate, other and eliminations			12						15
Total depreciation and amortization			$	177					$	158
Equity income (loss) from unconsolidated subsidiaries
Advisory Services			$	1					$	1
Building Operations & Experience			1						1
Project Management			—						—
Real Estate Investments			(7)						11
Corporate, other and eliminations			21						(71)
Equity income (loss) from unconsolidated subsidiaries			$	16					$	(58)

Schedule of Reconciliation of Segment Operating Profit to Net Income

Reconciliation of total segment operating profit to net income is as follows (dollars in millions):

			Three Months Ended March 31,
			2025						2024
Net income attributable to CBRE Group, Inc.			$	163					$	126
Net income attributable to non-controlling interests			28						22
Net income			191						148
Adjustments to increase (decrease) net income:
Depreciation and amortization			177						158
Interest expense, net of interest income			50						36
Provision for (benefit from) income taxes			52						(29)
Integration and other costs related to acquisitions			68						(4)
Costs associated with efficiency and cost-reduction initiatives			13						29
Charges related to indirect tax audits and settlements			(1)						—
Carried interest incentive compensation expense to align with the timing of associated revenue			4						14
Costs incurred related to legal entity restructuring			—						1
Net results related to the wind-down of certain businesses (1)			6						—
Total segment operating profit			$	560					$	353

________________________________________________________________________________________________________________________________________

(1)    In early 2025, management made the decision to wind-down Telford Homes’ legacy construction business. A new Telford entity, Telford Living, is developing residential housing in the UK under a new business model under which the company does not self-perform general contracting.

Schedule of Geographic Information

Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):

			Three Months Ended March 31,
			2025						2024
Revenue
United States			$	5,169					$	4,422
United Kingdom			1,234						1,085
All other countries			2,507						2,428
Total revenue			$	8,910					$	7,935

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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